July 1, 2020 | AtoZ Markets – HYCM is an AtoZ Markets approved and globally established forex broker under Henyep Capital Markets Group. This global corporation, operating in Asia, Europe, and the Middle East was founded in 1977.
Giles Coghlan is the Chief Currency Analyst at HYCM and utilizes over 10 years of trading experience to help HYCM investors. He provides daily market updates, online webinars and workshops, and in-person seminars, keeping readers abreast of the latest moves in the currency, equity and commodity markets.
Notably, Giles is also a contributor to major forex and financial media including Forbes Middle East, Yahoo Finance, City A.M., and CNBC Arabia.
Recently, AtoZ Markets had the opportunity to interview Giles. During this exclusive interview, he shares the company’s mid-year results for the period ended June 30, 2020. Giles also discusses the secrets to the company’s success and COVID-19 market trends. Here are a few excerpts from that interview:
Exclusive interview with Giles Coghlan, HYCM chief currency analyst
Dzianis Kučynski: What can we expect from the global stock markets heading into the end of 2020?
Giles Coghlan: The latest Federal Reserve meeting on June 10th should reassure global investors as the Fed is “not even thinking about raising rates”. The Fed is keeping QE purchases unchanged and this means that U.S. and global stock markets should be supported in the medium term. However, a constant concern is whether a second wave of COVID-19 cases will break out through developed countries. Any significant return of infections will hinder the V-shaped recovery and will once again pull the stock market down. The speed and pace of the global recovery will depend on the extent to which COVID-19 cases can be controlled and second waves of infections avoided.
To stay updated with market movements and advance their trading skills, traders are welcome to join me on my weekly webinars and workshops. Every Monday I run a free FX Week Ahead webinar which is open to all and every Wednesday, I run the Level Up with HYCM workshop, available only to our clients.
Dzianis Kučynski: How did HYCM manage to expand during the COVID-19 pandemic?
Giles Coghlan: The volatility surrounding the coronavirus pandemic made it a very fascinating time to follow the markets. Many traders saw this as an opportunity, so there was more interest in trading in general. The number of new clients grew dramatically with a noticeable increase in younger traders. We saw clients depositing more frequently but in smaller amounts, which is to be expected when the market is moving unpredictably. Naturally, our trading volumes also increased during this time.
Giles shares HYCM’s secret to success
Dzianis Kučynski: As one of the leading global forex brokers, what is your secret to success?
Giles Coghlan: Certainly, one of the factors that consistently attract new clients is that HYCM is known as one of the most solid and secure brokers in the industry with a heritage of over 40 years as part of the Henyep Capital Markets Group. The group is a founding member of the Hong Kong Futures Exchange, and its chairman is a member of the Commodities Exchange of New York (COMEX).
HYCM is a multi-regulated broker with headquarters in the UK and offices in key locations, including Cyprus, UAE, and Hong Kong. It has partnered with leading providers such as Barclays Bank, Eurobank, Moore Stephens, and BDO Ltd, part of BDO International, the fifth largest accountancy network in the world.
Our heritage and reputation of being an established and trusted expert in the financial markets define our success and attract experienced traders, big investors, and institutional clients.
“We support regulatory changes as they safeguard traders and this is a top priority for us.”
Dzianis Kučynski: How would you describe the current state of the regulatory environment you work with?
[How would you describe the current state of the regulatory environment created by CySEC/FCA? What are your plans regarding being regulated by other authorities? What is the future of regulation in the Forex industry?]
Giles Coghlan: HYCM is licensed in several jurisdictions including the FCA, CySEC, and DFSA, which allows us to cover a vast territory. The CySEC and FCA have proven to be strict regulators and work tirelessly to protect investors so they can be confident in the companies supervised by them.
The retail FX market has done a solid job of creating a regulatory framework that protects investors. Recently, we’ve seen a convergence of regulatory practices, particularly across the UK, EU, and Australia, which should reduce regulatory arbitrage and increase the credibility of the industry in the future.
We support regulatory changes as they safeguard traders and this is a top priority for us. The changes also create a positive trading environment as only trusted, compliant and secure brokers will be allowed to operate.
What makes HYCM unique?
Dzianis Kučynski: Why should our readers trade with you? What kind of unique trading features do you have?
Giles Coghlan: HYCM offers over 100 trading instruments including forex, commodities, indices, ETFs* and cryptocurrencies**, exceptional trading conditions, account types to suit every trading style, cutting-edge technology, and unlike many other brokers, we offer trading on both MT4 and MT5 platforms.
This year we have already launched a new product on our MT5 platform; ETFs (exchange-traded funds). Twenty different ETFs are currently available under HYCM Ltd only. In this era of COVID-19 high volatility, ETFs have become very desirable as traders are seeking less volatile instruments.
Dzianis Kučynski: Do you have any new products coming out soon?
Giles Coghlan: We are always working on expanding our range of products so we can provide our clients with a rich choice for trading. We have just added over 50 cryptocurrency CFD** pairs on our MT5 platform, expanding our crypto portfolio to satisfy the increasing demand for various crypto-to-fiat options.
Spreads have been dramatically reduced for all cryptocurrency products. The new crypto products are available on HYCM’s fixed, classic, and raw accounts with 1:20 leverage and significantly low spreads.
On top of expanding our range of products, we are always looking for ways to improve our technology and trading conditions as a way to thank our active traders for their loyalty and dedication.
*Available under HYCM Ltd only
**Not available under HYCM (Europe) Ltd
HYCM is the global brand name of Henyep Capital Markets (UK) Limited, HYCM (Europe) Ltd, Henyep Capital Markets (DIFC) Ltd and HYCM Ltd, all individual entities under Henyep Capital Markets Group, a global corporation founded in 1977, operating in Asia, Europe, and the Middle East.
High Risk Investment Warning: Contracts for Difference (‘CFDs’) are complex financial products that are traded on margin. Trading CFDs carries a high degree of risk. It is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent expert advice if necessary and speculate only with funds that you can afford to lose. Please think carefully about whether such trading suits you, taking into consideration all the relevant circumstances as well as your personal resources. We do not recommend clients posting their entire account balance to meet margin requirements. Clients can minimize their level of exposure by requesting a change in leverage limit. For more information please refer to HYCM’s Risk Disclosure.